DXY Drops to Nearly 4-Year Low as Spot Gold Surpasses $5,200, Hitting New High; Gold Mining Stocks Start Strong Overall
Market Reaction to Fed's Decision: The USD Index (DXY) fell to a nearly four-year low, contributing to spot gold prices exceeding USD5,200, with a peak at USD5,202 per ounce, while spot silver rose to USD113.4.
Hong Kong Stock Market Performance: The Hong Kong bourse opened higher, with the HSI gaining 198 points (0.7%) to reach 27,325, and several H-share gold miners, including ZIJIN MINING and SD GOLD, saw significant increases in their stock prices.
Short Selling Activity: Various gold mining stocks experienced notable short selling, with ZIJIN MINING and CHIFENG GOLD among those showing high short selling ratios, indicating investor caution or bearish sentiment.
Pre-Market Turnover Insights: Pre-market turnover for several gold mining stocks was substantial, with ZIJIN MINING and CHIFENG GOLD recording millions in turnover, reflecting active trading interest in the sector.
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HSI Rises Over 400 Points to 4.5-Year High; Major Financials, Oil Companies, HK Developers, and CN Telecoms Drive Growth; Gold Miners Soar Alongside Rising Gold Prices
Market Performance: The Hong Kong bourse opened higher, with the Hang Seng Index (HSI) gaining 435 points to reach 27,562, marking its highest level since July 2021, supported by strong turnover of HKD145.929 billion.
Banking Sector Gains: Major financial institutions like HSBC, BOC Hong Kong, and Standard Chartered saw significant increases in their stock prices, with HSBC reaching a historical high and a market cap exceeding USD300 billion.
Telecom and Energy Stocks: Chinese telecom companies rebounded alongside the market, while major oil companies also experienced notable gains, with PetroChina and CNOOC rising by over 5%.
Real Estate and Gold Mining: Hong Kong's private residential price index continued to rise, boosting local real estate stocks, while international gold prices peaked, benefiting gold mining companies like Zijin Mining and SD Gold.
DXY Drops to Nearly 4-Year Low as Spot Gold Surpasses $5,200, Hitting New High; Gold Mining Stocks Start Strong Overall
Market Reaction to Fed's Decision: The USD Index (DXY) fell to a nearly four-year low, contributing to spot gold prices exceeding USD5,200, with a peak at USD5,202 per ounce, while spot silver rose to USD113.4.
Hong Kong Stock Market Performance: The Hong Kong bourse opened higher, with the HSI gaining 198 points (0.7%) to reach 27,325, and several H-share gold miners, including ZIJIN MINING and SD GOLD, saw significant increases in their stock prices.
Short Selling Activity: Various gold mining stocks experienced notable short selling, with ZIJIN MINING and CHIFENG GOLD among those showing high short selling ratios, indicating investor caution or bearish sentiment.
Pre-Market Turnover Insights: Pre-market turnover for several gold mining stocks was substantial, with ZIJIN MINING and CHIFENG GOLD recording millions in turnover, reflecting active trading interest in the sector.
